Japan's GDP Growth Slows to 1.1 Percent in 2022
According to preliminary data released by the Cabinet Office, Japan's real gross domestic product for the year 2022 came to about 546 trillion yen (4.1 trillion US dollars).
For the full year, private demand was up 2.4 percent from the previous year as household consumption grew 2.2 percent. Corporate capital investment also increased 1.8 percent, the data showed.
Meanwhile, exports of goods and services increased 4.9 percent, while imports in the same category expanded 7.9 percent, due to rising energy costs and a weak yen, dragging down net exports.
In the final quarter of 2022, the world's third-largest economy expanded an annualized 0.6 percent, as the lifting of local COVID-19 restrictions boosted private consumption, but the first expansion in two quarters was much smaller than a median market forecast for a 2.0 percent rise.
4155/v
